• Gifted Deposit

    By Guest on 19th May 2023

    We (my partner and I) are hoping to buy a freehold property this year, the deposit for which will be made up of the equity from our current home which will be sold, and some gifted money. The gifted money has been given to us by my partners father.

    However, the money that we have been gifted has been sent to us by my father-in-laws friend. The context for this is that my father-in-law lent some money to his friend to support him at a time of need. My father-in-law is 80+ and my understanding was this transaction happened many many years ago and I am unsure if this was done via a bank transaction or in cash. This money has now been returned, but rather than transferring the money back to my father-in-law's account, it was agreed that the money would be transferred directly to my partners account to 'cut out the middle man'. So we have some money that has been gifted by my father-in-law but has been sent to us from his friends account and not his.

    So, we are hoping you will be able to advise us on this and let us know if this money can be used? If so, what would a conveyancer require to allow this money to be used towards the deposit?

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